What Type of Retirement Accounts Qualify for a Gold IRA Rollover?


 You can transfer funds from any traditional IRA, Roth IRA, SEP IRA, SIMPLE IRA or self-directed IRA to a gold IRA.


If you have an old or inactive 401(k), you can execute a gold IRA rollover. Inactive just means you no longer work with the company that created it. If you have a current 401(k), sometimes you can do an in-service distribution if you are over 59.5. This would enable you to do a gold IRA rollover with a portion of your 401(k) retirement savings.


If you have an inactive 403(b), you can do a gold IRA rollover. In some cases, if you’re over 59.5, you can do a partial gold IRA rollover via an in-service distribution.


If you have an inactive 457(b), you can execute a gold IRA rollover. If you have an active governmental 457(b) plan, you can do an in-service gold IRA rollover at 59.5. If you have an active non-governmental 457(b), you can only do an in-service gold IRA rollover after 70.5.


If you have an inactive TSP, you can do a gold IRA rollover. If you’re over 59.5 and have an active TSP, you can do an in-service gold IRA rollover with your vested funds.

How Do I Transfer My Current Retirement Account to Precious Metals

First off, you need to establish a self-directed IRA. But with a custodian that allows you to hold physical gold and silver.

Your chosen gold IRA rollover dealer will be authorized with several and will help you choose your custodian.

(Most precious metals dealers that specialize in gold IRA rollovers will assist you in completing your custodian paperwork.)

Transferring From A Traditional, Roth, SEP IRA or Simple IRA

If you transfer funds between IRA accounts, it’s called a direct transfer because you never take possession of the funds.

Your gold IRA firm will help to complete a Transfer Request form. This document contains your current IRA account’s basic information, such as your name, existing IRA custodian, account number and the amount you wish to transfer.

Your gold IRA custodian will forward the completed document to your existing IRA provider. Your current custodian controls the transfer time frame. However, the process typically takes 10 to 14 days until your new gold IRA is funded.

Rollover From A 401(k), 403(b), 457(b) Or TSP

If you’re moving funds from a 401(k), 403(b), 457(b) or TSP account to a new self-directed precious metals IRA, it’s called a rollover.

A rollover is permitted when you change jobs or retire. However, some companies’ plans permit in-service distributions (rollovers) depending on your age. (Speak with your current retirement plans administrator to confirm if you qualify.)

There are two types of rollovers: direct and indirect.

With an indirect rollover, your existing 401(k) provider sends you a check for the proceeds, which you deposit into your bank account. You then have 60 days to re-deposit those funds into your new IRA account.

Failure to do so is considered a distribution and is a taxable event. If you are under 59.5 years of age, you will also incur a 10% penalty.

With a direct rollover, your 401(k) provider will issue a check payable to your new gold IRA custodian. They will then mail the check to you to forward to them. Or they may send it directly to them on your behalf.

Most 401(k) providers can initiate your gold IRA rollover over the phone.

Government-sponsored retirement accounts require you to complete their internal rollover documents. The complete gold IRA rollover process generally takes around 2 weeks.

James Kelly

James Kelly

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